The Group of Seven (G7) will likely discuss crypto regulation in a finance meeting this week in Germany. Francois Villeroy de Galhau, the Head of the French Central Bank, added that what happened in the past shows an urgent need for global regulation. He said this during an emerging markets conference in Paris.
According to de Galhau,
“Europe paved the way with MICA (regulatory framework for crypto-assets), we will probably … discuss these issues among many others at the G7 meeting in Germany this week.”
He made these remarks while referring to the recent volatility in the crypto market, which saw the crypto market shed a lot of value. Currently, the crypto market has a valuation of $1.29 trillion.
Increasing efforts to regulate crypto
This news comes as the G7, which comprises Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, continues trying to regulate the crypto space.
In December 2020, G7 ministers called for more regulatory oversight for crypto as the sector continues seeing more adoption from both retail and institutional investors.
At the time, the G7 said,
“There is strong support across the G7 on the need to regulate digital currencies. Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October.”
Soon afterward, Japan called on other G7 members to embrace similar crypto regulations. The Bank of Japan’s (BoJ) Head of Payment Systems Department, Kazushige Kamiyama, said using stablecoins would make it easy to create individual global settlement systems.
Kamiyama added that such changes would make it easier for countries to evade traditional and regulated payment systems that leverage the U.S. dollar, euro, or yen for settlement.